1Q 2013 Results Final
PT Semen Indonesia (Persero) Tbk.
JSX : SMGR
Reuters : SMGR.JK Bloomberg : SMGR.IJ
Market Capitalization – as of March 31, 2013:
Rp104,987,904,000,000
Issued shares – as of August 07, 2007:
5,931,520,000 Shares
Share Price (Closing):
2 January 2013 Rp15,950
28 March 2013 Rp17,700
Hi/Lo (3 mo) Rp18,450 / Rp15,000
Major Shareholders (per 31 March 2013):
Government of Indonesia 51.01%
Public 48.99%
Board of Directors:
President Director – Dwi Soetjipto
Finance Director – Ahyanizzaman
Production Director – Suparni R & D and Operations Director – Suharto Marketing Director – Amat Pria Darma
HR Director – Bambang SSI
Strategy & Bus. Dev. Director – Erizal Bakar
Consolidated Subsidiaries:
PT Semen Padang (99.99%)
PT Semen Tonasa (99.99%)
Thang Long Cement (70.00%)
PT SGG Prima Beton (99.95%)
PT SGG Energi Prima (97.0%)
PT Kawasan Industri Gresik (65%) PT Industri Kemasan Semen Gresik (60%) PT United Tractors Semen Gresik (55%)
Website:
Ratio (%) Formula 3M-2012 3M-2013
Ebitda Margin Ebitda / Revenue 32.9 33.6
Interest Coverage (x) Ebitda / Interest Expense 258.3 24.7 Total Debt to Equity b) Total Debt / Total Equity 48.5 44.0
Total Debt to Asset b) Total Debt / Total Asset 31.7 29.7
Business Highlights
Net Income increased by 22.3% year-on-year amounting to Rp1,236 billion or equivalent to EPS of Rp208 (full amount).
Total sales volume in 3M-13 was 5.98 million tons or an increase of 20.5% year-on-year.
Domestic sales was 5.95 million tons or an increase of 20.4% year-on-year. Domestic sales volume account for 99.6% of total sales.
Cost of revenue per ton in 3M-13 increased by 29.5% compared to 3M-12 mainly due to cost increased in fuel, labour and transportation cost
Ebitda increased by 32.0% amounting to Rp1,862 billion year-on-year. Ebitda margin was 33.6%, an increase of 0.7% from 32.9% in 3M-12.
As of 31 March 2013, the Company’s LT Liabilities amounted to Rp3,732 billion, with debt-to equity ratio decreasing from 21.2% in 3M-12 to 20.7% in 3M-13.
Corporate Secretary
PT Semen Indonesia (Persero) Tbk. Phone: +62313981732/3981745 Description
(Rp bn) 3M-2012 3M-2013
Change (%)
Revenue 4,284 5,544 29.4
Cost of Revenue 2,361 3,059 29.5
Gross Profit 1,922 2,485 29.3
Operating Expenses 669 879 31.6
Operating Income 1,254 1.605 28.0
EBITDA a) 1,410 1,862 32.0
Profit attributable to equity holders of parent entity (Net Income)
1,011 1,236 22.3
EPS (full amount) 170 280 22.3
Financial Summary
(2)
SMGR REPORTS UN-AUDITED THREE MONTHS 2013 RESULTS
PT Semen Indonesia (Persero) Tbk. (“SMGR” or “the Company”) announced its un-audited and consolidated three-month 2013 financial statements. The Company recorded revenue and operating income for the period of Rp5,544 billion and Rp1,605 billion, respectively. Net income was recorded at Rp1,236 billion.
The un-audited financial statements were prepared in accordance with the Indonesian Generally Accepted Accounting Principles. For more detailed information, please refer to the Company’s Consolidated Financial Statements as filed with Otoritas Jasa Keuangan (OJK) and the Indonesian Stock Exchanges (IDX) on April 26, 2013.
FINANCIAL RESULTS
Sales and Revenues
In the three-month 2013 (3M-13) domestic cement consumption (industry) reached 13.6 million tons, an increase of 8.6% compared to 12.5 million tons during the same period in 2012. Cement exports decreased from 0.13 million tons to 0.04 million tons. Total sales volume reached 13.6 million tons, an increase of 7.8% compared to 12.6 million tons during the same period in 2012.
Java island experienced 10.2% growth, higher compared to outer islands which increased by 6.7% of total domestic growth. Lower growth in outer islands supported by weak commodities activities, mostly in mining sector.
Three-Month 2013 PT Semen Indonesia (Persero) Tbk.
Up to 31 March 2013, total Company’s sales volume recorded an increase of 20.5% year-on-year to 5.98 million tons comprising of a 20.4.5% increase in domestic sales (5.95 million tons) and 34.4% increase in export sales (from 20,354 tons to 27.350 tons). The Company controlling domestic market share by 43.8%.
Source: The Company’s data and ASI (Indonesia Cement Association)
0 5000000 10000000 15000000
Java Outer
Java
Total Indo
1Q 2012 1Q 2013 10,2%
6,7%
(3)
MARKET BY GEOGRAPHY (3M-2013)
Domestic Consumption
–
Java remains as the largest market*)21.61%
7.97% 6.88%
6.22%
2.63%
Maluku & Papua (6)
Nusa Tenggara (5)
Sulawesi (4)
Kalimantan (3)
Java (1) 54.65% Sumatera (2)Domestic Market Share (3M 2012
–
3M 2013)
*)*)
SG SP ST1
2
3
4
5
6
REGIONMARKET SHARE (%)
SMGR INTP SMCB BSWA ANDLS BTRJ
2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013
1. JAVA 34.8 39.5 42.3 39.6 20.8 18.7 2.0 2.0 - - - -
2. SUMATERA 44.1 45.8 15.3 13.2 12.8 14.2 3.0 3.0 14.0 16.0 10.0 8.0
3. KALIMANTAN 40.6 48.1 32.0 29.8 18.6 12.7 9.0 9.0 - - - -
4. SULAWESI 56.9 65.9 19.3 14.6 1.5 0.9 22.0 19.0 - - - -
5. NUSA TENGGARA 32.8 40.4 37.1 33.6 7.6 3.6 15.8 17.1 - - - -
6. EASTERN INDONESIA 59.4 54.3 10.6 25.2 7.6 0.8 28.4 19.7 - - - -
(4)
Revenue
The Company’s revenue in 3M-13 reported at Rp5,544 billion or an increase of 29.4% year-on-year from Rp4,284 billion in 3M-12. Cement revenue contributes 98% of total Company’s revenue.
The Company’s revenue in the domestic market in 3M-13 amounted to Rp4,267 billion, an increase of 20.7% compared to the previous year of Rp3,535 billion, while export amounted to Rp17 billion or a decrease of 11.2% compared to the same period of last year.
Cost of Revenue
The cost of revenue increased by 29.5% from previous year to Rp3,058 billion, primarily as a result of an increase in electricity, fuel and depreciation. There is no significant increase of COGS per ton.
Gross Profit
Gross profit increased by 29.3% year-on-year amounting to Rp2,484 billion in 3M-13. Gross margin slightly decreased from 44.87% in 3M-12 to 44.82% in 3M-13.
Operating Expenses
The Company’s operating expenses increased by 31.6% from Rp668,5 billion in 2012 to Rp879,7 billion in 3M-13 mainly due to an increase in selling expenses of 37.7% and general & administration expenses of 27.1%. The increase in selling expenses was driven by an increase of transportation cost in domestic sales.
EBITDA
Ebitda increased by 32.1% to Rp1,862 billion year-on-year, and Ebitda margin increased from 32.9% to 33.6% due to an increase in production costs and operating expenses.
Ebitda (Rp billion)
Three-Month 2013 PT Semen Indonesia (Persero) Tbk.
881 974
1125 1185 1410
1862
0 500 1000 1500 2000
3M 08 3M 09 3M 10 3M 11 3M 12 3M 13
EBITDA MARGIN
3M 08 3M 09 3M 10 3M 11 3M 12 3M 13
(5)
RECENT SIGNIFICANT EVENTS
Progress of the Company
’
Strategic Projects (up to March 31, 2013)
• On 18 December 2012, the Company completed all conditions regulated in the Conditional Sale and Purchase Agreement (CSPA) and settled an agreement to purchase the majority of shares by 70% shares in Thang Long Cement Joint Stock Company (TLCC) Vietnam with total production capacity of 2.3 million tons/annum.
• On 20 December 2012, the Company started of its role as a Strategic Holding Company and its change of name from PT Semen Gresik (Persero) Tbk to PT Semen Indonesia (Persero) Tbk, which was ratified in the EGM.
• The 3.0 million tons of Tonasa V cement plant project in South Sulawesi already completed in September 2012 and has been entering the commercial production period since February 2013. This new cement plant expected to contribute 2.3 million tons in 2013.
• Actual progress of completion of 2 x 35 MW of power plant in Sulawesi up to March 31, 2013 reached 98.8%. This project forecasted to complete in 1st half 2013.
***
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Gresik (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Gresik (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or mission there from which might otherwise arise is hereby expresses disclaimed.
Net Income
Net income rose 22.3.0% year-on-year to Rp1,236 billion and net income margin decreased by 4.7% year-on-year to 22.3% in 3M-13.
Net Income (Rp billion)
NET INCOME MARGIN
3M08 3M09 3M10 3M11 3M12 3M13
20.2% 21.0% 24.7% 24.4% 23.4% 22.30%
519
681 802
871 1011 1236
0 500 1000 1500
(6)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
MARCH 31, 2013 AND DECEMBER 31, 2012
(Expressed in thousands of Rupiah, unless otherwise stated)
(7)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Cont’d)
MARCH 31, 2013 AND DECEMBER 31, 2012
(8)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Expressed in thousands of Rupiah, unless otherwise stated)
(9)
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2013 AND 2012(1)
Revenue
The Company’s revenue in 3M-13 reported at Rp5,544 billion or an increase of 29.4% year-on-year from Rp4,284 billion in 3M-12. Cement revenue contributes 98% of total Company’s revenue.
The Company’s revenue in the domestic market in 3M-13 amounted to Rp4,267 billion, an increase of 20.7% compared to the previous year of Rp3,535 billion, while export amounted to Rp17 billion or a decrease of 11.2% compared to the same period of last year.
Cost of Revenue
The cost of revenue increased by 29.5% from previous year to Rp3,058 billion, primarily as a result of an increase in electricity, fuel and depreciation. There is no significant increase of COGS per ton.
Gross Profit
Gross profit increased by 29.3% year-on-year amounting to Rp2,484 billion in 3M-13. Gross margin slightly decreased from 44.87% in 3M-12 to 44.82% in 3M-13.
Operating Expenses
The Company’s operating expenses increased by 31.6% from Rp668,5 billion in 2012 to Rp879,7 billion in 3M-13 mainly due to an increase in selling expenses of 37.7% and general & administration expenses of 27.1%. The increase in selling expenses was driven by an increase of transportation cost in domestic sales.
EBITDA
Ebitda increased by 32.1% to Rp1,862 billion year-on-year, and Ebitda margin increased from 32.9% to 33.6% due to an increase in production costs and operating expenses.
Ebitda (Rp billion)
Three-Month 2013 PT Semen Indonesia (Persero) Tbk. 881 974
1125 1185 1410 1862 0 500 1000 1500 2000
3M 08 3M 09 3M 10 3M 11 3M 12 3M 13
EBITDA MARGIN
3M 08 3M 09 3M 10 3M 11 3M 12 3M 13 34.4% 30.2% 34.6% 33.3% 32.9% 33.6%
(2)
RECENT SIGNIFICANT EVENTS
Progress of the Company
’
Strategic Projects (up to March 31, 2013)
• On 18 December 2012, the Company completed all conditions regulated in the Conditional Sale and Purchase Agreement (CSPA) and settled an agreement to purchase the majority of shares by 70% shares in Thang Long Cement Joint Stock Company (TLCC) Vietnam with total production capacity of 2.3 million tons/annum.
• On 20 December 2012, the Company started of its role as a Strategic Holding Company and its change of name from PT Semen Gresik (Persero) Tbk to PT Semen Indonesia (Persero) Tbk, which was ratified in the EGM.
• The 3.0 million tons of Tonasa V cement plant project in South Sulawesi already completed in September 2012 and has been entering the commercial production period since February 2013. This new cement plant expected to contribute 2.3 million tons in 2013.
• Actual progress of completion of 2 x 35 MW of power plant in Sulawesi up to March 31, 2013 reached 98.8%. This project forecasted to complete in 1st half 2013.
***
DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof.
We expressly disclaim any responsibility or liability (express or implied) of PT Semen Gresik (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Gresik (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or mission there from which might otherwise arise is hereby expresses disclaimed.
The information contained in this report is not be taken as any recommendation made by PT Semen Gresik (Persero) Tbk or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regard to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
Net Income
Net income rose 22.3.0% year-on-year to Rp1,236 billion and net income margin decreased by 4.7% year-on-year to 22.3% in 3M-13.
Net Income (Rp billion)
Three-Month 2013 PT Semen Indonesia (Persero) Tbk. 5
NET INCOME MARGIN
3M08 3M09 3M10 3M11 3M12 3M13
20.2% 21.0% 24.7% 24.4% 23.4% 22.30%
519
681 802
871 1011 1236
0 500 1000 1500
(3)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
MARCH 31, 2013 AND DECEMBER 31, 2012
(Expressed in thousands of Rupiah, unless otherwise stated)
(4)
Three-Month 2013 PT Semen Indonesia (Persero) Tbk. 7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Cont’d)
MARCH 31, 2013 AND DECEMBER 31, 2012
(5)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Expressed in thousands of Rupiah, unless otherwise stated)
(6)
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2013 AND 2012(Expressed in thousands of Rupiah, unless otherwise stated)